BRT Apartments Corp (NYSE: BRT) is a real estate investment trust that owns and operates multi-family residential properties. Revenue comes primarily from rental income on apartment units held directly on its balance sheet and through unconsolidated joint ventures. For FY2025, total revenues were $97.0 million, of which $95.3 million was rental and other revenue from real estate properties and $1.8 million was loan interest and other income (10-K, filed 2026-03-13). The consolidated portfolio covers 21 properties with 5,420 units across the U.S. South and Midwest, while joint venture properties add 10 properties and 2,891 units concentrated in Texas and South Carolina. The portfolio is financed primarily with non-recourse property-level mortgage debt; consolidated carve-out guaranty exposure was approximately $468 million as of December 31, 2025. Jeffrey A. Gould serves as President and CEO. Gould Investors and affiliated family members owned approximately 26.4% of outstanding common stock as of December 31, 2025.

Revenue model

Rental income from multi-family apartment units is the primary revenue source, generating $95.3 million in FY2025. A smaller loan interest and other income line contributed $1.8 million in FY2025. Joint venture properties generate additional rental revenue ($49.9 million in FY2025 JV rental and other revenues) recognized through the equity method rather than consolidated revenue.

Products and services

Multi-family residential apartment communities. Same-store portfolio of 21 properties with 5,420 units as of FY2025. Additional 10 properties with 2,891 units held through unconsolidated joint ventures.

Customers and end markets

Residential tenants renting apartment units across Sun Belt and Midwest markets. End demand driven by local housing availability, rental rates, amenities, and proximity to employment.

Value-chain role

Direct owner and operator of multi-family residential properties. Also acts as equity capital partner in joint venture structures where third-party partners source acquisition opportunities.

Geographic exposure

U.S. only. Consolidated portfolio as of FY2025: Tennessee 15% of rental revenue, Mississippi 14%, Alabama 12%, Georgia 11%, Florida 10%, Texas 9%, South Carolina 9%, Virginia 6%, North Carolina 4%, Ohio 4%, Missouri 4%. Joint venture portfolio concentrated in Texas (41%) and South Carolina (38%).

Competitors

Publicly traded real estate investment trusts (multi-family), Non-publicly traded real estate investment trusts, Pension and investment funds, Real estate developers, Private real estate investors and property operators

Source: SEC 10-K, filed 2026-03-13

Industry: Real Estate Investment Trusts Peers: Apartment Investment and Management Co AvalonBay Communities Inc Bluerock Residential Growth REIT, Inc. Centerspace Clipper Realty Inc UMH Properties Inc